Shares on the Dhaka Stock Exchange rose for the sixth consecutive day yesterday on the back of investors’ expectation of a bull run in the days to come.
The DSEX, the benchmark index of the premier bourse in Bangladesh, added 15 points, or 0.24 per cent, to close at 6,315. In the last six working days, the index gained 166 points.
The DS30, the blue-chip index, advanced 0.80 per cent to 2,265 and the DSES, the shariah-based index, gained 0.55 per cent to 1,387.
Turnover, another important indicator of the market, rose to a seven-month high of Tk 1,487 crore from the previous day’s Tk 1,477 crore.
Decliners, however, outnumbered gainers with 123 securities up, 169 down and 89 did not see any price movement.
The stock market remained bullish amidst enthusiastic participation as the investors are more buoyant to put fresh bets anticipating positive momentum ahead, said International Leasing Securities Ltd (ILSL), a brokerage house, in its daily market review.
The investors’ confidence received a boost to some extent amid the declining trend of fuel prices in the global markets as well as some kind of stability in the foreign exchange market owing to the Bangladesh Bank’s steps, it said.
Oil prices were largely steady on Monday as a relatively tight global supply picture competed with fears of a recession and a rising dollar. Brent crude futures for October settlement fell 34 cents, or 0.3 per cent, to $96.38 a barrel, reported Reuters.
Oil, however, rose $1 a barrel on Tuesday.
At home, the dollar price is not rising at the sharp pace as seen in recent weeks, thanks to the government’s move to rein in imports and curb the manipulation in the foreign exchange market although the exchange rate of the taka is hovering around Tk 110 per USD.
Among the sectors, pharmaceuticals rose 1.1 per cent, services edged up 1 per cent and cement gained 0.6 per cent. Travel stocks declined 1.8 per cent, ceramic stocks went down 1.4 per cent, and textile stocks fell 1.3 per cent, said ILSL.
The investors’ activity was mostly centred on the pharmaceuticals and textile sectors.
Among the individual companies, Ratanpur Steel Re-Rolling Mills topped the gainers’ list rising 10 per cent.
Orion Infusion, Central Pharmaceuticals, Paper Processing & Packaging, Regent Textile Mills, Bangladesh Monospool Paper Manufacturing Company, Yeakin Polymer, Summit Alliance Port, Beacon Pharmaceuticals, Orion Pharma, and eGeneration Ltd rose between 5 per cent and 9.95 per cent.
Bangladesh Industrial Finance was the worst-performing stock on the day giving up 8 per cent. Anlimayarn Dyeing, Safko Spinning Mills, Sonargaon Textiles, Jute Spinners, Sunlife Insurance Company, KDS Accessories, Rangpur Dairy & Food Products, and Prime Textile Spinning Mills lost between 4 per cent and 7.4 per cent.
Beximco Ltd was the most-traded stock with its securities worth Tk 108 crore transacted, accounting for 7.3 per cent of the daily turnover of the DSE.
Orion Pharma, Olympic Industries, Bangladesh Shipping Corporation, Delta Life Insurance, LafargeHolcim Bangladesh, British American Tobacco Bangladesh Company, Eastern Housing, Metro Spinning, and IPDC Finance also witnessed significant turnover.
The Chittagong Stock Exchange (CSE) also rose. The Caspi, the all-share price index of the bourse in the port city, was up 58 points, or 0.31 per cent, to close at 18,570.
Turnover surged 34 per cent to Tk 43 crore.
On the CSE, 99 stocks were up, 128 were down and 78 remained unchanged.
